Puerto Rico has no quick return to financial markets

December 9, 2015 6:07 PM

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NEW YORK Dec 9 U.S. Treasury Secretary counselor Antonio Weiss said on Wednesday that there is no quick return to markets for Puerto Rico, but the aim is for the island to return to traditional bond market levels of financing.

Weiss, in a speech webcast from the Peterson Institute for International Economics in Washington, D.C., said the island's next interest payment on constitutionally backed, general obligation debt is at risk, and payment of $7 billion in other debts is on a path to likely default.